Why Individual Disability Insurance is Important for Student Veterinarian Residents and Internships
You love animals. You are dedicating your career to treating them, caring for them, and ensuring that they are comfortable and healthy. That is why we are writing about disability insurance for soon to be veterinarians. While training to take care of the animals, you may have forgotten one crucial thing.
You and your health.
If you have known anyone affected by health issues and left them unable to work for months, then you know how bad the situation can be. They had to struggle without their salary for months on end. It’s even harder to imagine if it were you or your loved ones.
What is disability insurance?
Disability Insurance is a way to avoid all that. To have a second plan in case you became ill or hurt yourself. A disability insurance policy will cover a portion of your salary if you are injured due to accidents or disease that leaves you unable to work for an extended period.
Being a veterinarian is rewarding. However, only a handful of veterinary schools are available, and getting the right education can be costly. By obtaining long-term disability insurance, you protect your dream job against illness or injury. Don’t wait until you become unable to work because of an illness or accident. Because then it will be too late.
Any person can become ill or injured throughout their career. 90% of insurance claims occur due to illness. The younger you are, the easier it is for you to qualify for insurance. However, as one gets older, the premiums increase.
Statistics show that one in every four 20-year-olds is likely to become disabled for over 90 days before turning 67. Statistics also show that 68 % of non-government workers lack disability insurance.
Why should you take a disability insurance policy if you are still an undergraduate?
Taking any health insurance policy for soon to be veterinarians is recommended since you get better policies because you are still healthy and young.
Besides the savings, for example. You are halfway through your education or just graduated and something happens to you that causes you not be able to start your career. You just spent a lot of money and probably have student loans.
Make sure you purchase insurance as soon as possible, even while you are a student.
The policy is adjustable.
They base the disability policy on how much money you earn. As an undergraduate, you are not earning that much money; however, this shouldn’t faze you. The insurance company can adjust the policy to fit your financial status. When you earn more, you may increase your coverage and save more.
Protection from student loans and other bills
Student loans pile up when you are not working. Add this to your mortgage, car payments, and other bills, and you will find yourself in a hard spot.
However, if you started paying for your disability insurance as early as college, you stand a chance to weather the storm. A physical disability insurance policy will help you pay for your mortgage, car insurance, house bills, and student loan if you find yourself in such a position that you cannot pay them. However, the earlier you start, the more protected you will be.
There are two types of disability insurance for soon to be veterinarians.
This type of disability provides you with benefits for a short time of up to six months. It takes approximately two weeks for the benefits to kick in. It is great for people who don’t have a financial cushion to help them get through this short time frame.
Long-term financial disability insurance helps you over a more extended period caused by a disability from by an injury or illness that would make it hard for you to work. This type of disability insurance will help get you through your tough times for as long as you need it.
Being a Veterinarian is rewarding, and it pays well. However, the essential thing in life is to be ready for any eventualities. Disability isn’t a choice, and anything can happen; anyone can get hurt. However, you could avoid the pain that comes with losing your income by buying a disability insurance policy.
You must have a long-term plan covering you and your loved ones who depend on you. In case you get ill or sustain an injury, it would be better to know that you would still get a significant portion of your income. This could cover your expenses and take care of your loved ones while you focused on getting better.
Total Planning Veterinary Services will help you determine the right plan and coverage for you. What makes us unique is that we specialize in working with both students and practicing veterinarians. Contact us for a free consultation.